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Final Review Part 2
Test Description: Review Here
Instructions: Answer all questions to get your test result.
1) All types of businesses sell a product.
A
False
B
True
2) In a free enterprise system, businesses compete for customers.
A
False
B
True
3) One advantage of owning your own business is that any financial gain from operating the business is yours.
A
False
B
True
4) For accounting purposes, a business is an entity separate from its owners.
A
False
B
True
5) The most common form of business organization is the ____.
A
sole proprietorship
B
not for profit organization
C
corporation
D
partnership
6) Accounting is often call the language of business because ____.
A
all business owners have a good understanding of accounting principles
B
accountants in many companies share financial information
C
it is easy to understand
D
it is fundamental to the communication of financial information
7) The most common time period covered by an accounting report is one ____.
A
month
B
year
C
quarter
D
week
8) An example of an internal user of accounting information is ____.
A
the manager in charge of a specific product line
B
a large stockholder
C
the Internal Revenue Service
D
the president of a bank that has loaned money to the business
9) The assumption that requires accounting reports to be prepared for a specific period of time is ____.
A
accounting period
B
business entity
C
going concern
D
unit of measure
10) If the creditor's financial claim to property totals $1,000 and the owner's financial claim to property totals $11,000, the property value is ____.
A
$1,000
B
$10,000
C
$11,000
D
$12,000
11) A business is earning a profit if the selling price of its product covers the cost of the raw materials needed to make the product.
A
False
B
True
12) The life of a business is divided into specific periods for reporting purposes
A
False
B
True
13) A partnership can be owned by a more than two individuals.
A
False
B
True
14) GAAP is a way to communicate financial information in a form understood by those interested in the operations and financial condition of the business.
A
True
B
False
15) The account Accounts Receivable is an example of a(n) ____.
A
owners equity
B
asset
C
none of the above
D
liability
16) A business owner must always get permission to operate from the state government.
A
True
B
False
17) Basic accounting rules and procedures differ from business to business.
A
False
B
True
18) All businesses set up their accounting systems in the same manner.
A
False
B
True
19) The corporation is the easiest form of business to organize.
A
False
B
True
20) Corporations often start out as sole proprietorships or partnerships.
A
False
B
True
*select an answer for all questions
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